Tinubu: Relying on 90% of Revenue to Service Debt Spells Doom

President Bola Tinubu has emphasized that the nation cannot sustainably manage its debt while relying on 90 percent of its revenue. He warned that if this trend persists, it could lead the country towards a path of ruin. Speaking at the Annual Conference of the Nigerian Bar Association in Abuja on Sunday, Tinubu stressed the necessity of enacting challenging reforms for the betterment of the nation.

He addressed the concern, stating, “Is it viable for us to continue servicing external debts with such a significant portion of our revenue? This trajectory will lead us to calamity. It is not a tenable situation. We must embrace the arduous adjustments required to rouse our nation from its slumber and earn respect among the world’s leading nations.”

Tinubu underlined the importance of resolute decision-making to construct a formidable nation. He recognized the potential pain associated with these choices, but he highlighted that the objective transcends individual interests. “Our actions today are about the future of our yet unborn generations,” he asserted.

The President, expressing optimism for Nigeria’s future, appealed to the private sector for collaboration and support. He noted, “While there is hope for a prosperous Nigeria, we need the active involvement of the private sector. It is deplorable that a considerable number of households lack reliable electricity, hindering industrial growth. Eradicating poverty hinges on a consistent power supply, a challenge we must confront and eliminate.”

Tinubu acknowledged the dire state of the nation’s power supply and labeled it as a point of shame. He vowed that his administration would facilitate the production and equitable distribution of the energy required for the nation’s economic advancement. “It is indeed a disgrace that a significant proportion of Nigerian homes lack adequate electricity, impeding industrial progress. Alleviating poverty hinges on a seamless electricity supply. We are resolute in banishing poverty and ensuring prosperity,” he emphasized.

In addressing compensation for judicial personnel, Tinubu endorsed substantial salaries and benefits as a fundamental facet of genuine judicial reform. He contended that bolstering the legal profession with world-class remuneration would lay the groundwork for effective justice reform in Nigeria.

Yakubu Maikyau, SAN, the President of the NBA, voiced confidence in President Bola Tinubu’s ability to steer Nigeria towards good governance. Maikyau praised Tinubu’s accomplished tenure as the governor of Lagos State from 1999 to 2007, expressing optimism that his leadership at the national level would not only emulate but surpass his achievements in Lagos.

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